Rosneft Restates 2011 Results After Switching to IFRS Accounts

OAO Rosneft, Russia’s largest oil producer, restated 2011 results after switching its accounts to International Financial Reporting Standards from U.S. Generally Accepted Accounting Principles in line with a Russian law on financial transparency.

Net income was 316 billion rubles ($10.8 billion) in 2011, 49 million rubles less that previously reported, Rosneft said today. The difference was due to increased depreciation, depletion and amortization under IFRS, Rosneft said.

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